Rainbow toned Philadelphia Mint 1879 Morgan dollars are rare
- Published: Oct 13, 2014, 4 AM
The following post is pulled from Coin World editor Steve Roach’s Market Analysis column in the Oct. 27 issue.
Few coin series have as broad collector interest as Morgan silver dollars. Like fans of any long-running series with many date and Mint mark combinations, collectors often specialize while others just want a single example for type purposes. One area that experiences huge demand and often crazy auction results can be found in toned Morgan dollars. Especially on high-grade Mint State coins, some Morgan dollars have spectacular rainbow toning and when these coins are offered at auction, it’s anyone’s guess as to what they’ll bring. Here are three from Bob Simpson’s Sunnywood Collection that soared at Legend’s Oct. 2 Regency auction in Las Vegas, Nev:
1879 Morgan dollar, MS-66, CAC, $23,500
Bidders agreed with Legend’s bold assessment that this was “the most amazingly toned gem ’79-P on the planet” when this MS-66 CAC 1879 Morgan dollar brought $23,500. To find beautiful rainbow toning on a Philadelphia Mint 1879 Morgan dollar is rare. The description adds that the consignor paid a huge premium when purchasing this coin “without batting an eyelash” and that the dollar itself was an “unexpected treasure.”
This is a challenging dollar to locate in this grade even without such vibrant color. For example in a Jan. 10, 2014, Heritage auction, an untoned example graded MS-66 by PCGS with a CAC sticker sold for $4,406.25. Although PCGS has recorded 145 submissions that have received MS-66 grades, it lists just four at MS-67, with none finer.